In the last 10 years, private union membership has
A. Increased, while public union membership has decreased.
B. Decreased along with public union membership.
C. Increased along with public union membership.
D. Decreased, while public union membership has increased.
Answer: D
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Long-run average cost of the perfectly competitive firm includes the
A. cost of raw materials per unit of output. B. opportunity cost of labor per unit of output. C. opportunity cost of capital per unit of output. D. All of the responses are correct.
If the administration raises tuition on our campus in order to increase revenue, it will
a. not be successful if the demand curve slopes downward b. be successful if demand is elastic c. be successful if demand is inelastic d. be successful if supply is elastic e. be successful if supply is inelastic
Mathematically, the value of the tax multiplier in terms of the marginal propensity to consume (MPC) is given by the formula:
a. MPC ? 1. b. (MPC ? 1) / MPC. c. 1 / MPC. d. 1 ? [1 / (1 ? MPC)].
The time required to acquire information about the state of the economy is known as
A. the action lag. B. the bureaucy lag. C. the data lag. D. the recognition lag.